Even if your business doesn’t rely primarily on communication, marketing is, and always will be, the key to gaining a competitive advantage. So don’t fret, and don’t give up. Here are some tips to help you understand the importance of a good marketing strategy – and agency – on your side.
Why invest in Latin America?
There was a time when business expansion was focused on places like Europe, the United States and Asia. But this has changed in recent years. Latin America has gained a reputation as a favorable business climate, and has attracted more and more foreign companies to the region. It’s certainly worth examining why that is. According to UNCTAD’s World Investment Report 2022, countries in Latin America are facing an economic recovery in terms of foreign investment. The report suggests that this kind of speculation in this region grew by 56% in 2021. Latin America boasts an inexpensive talent pool, emerging infrastructure, a robust network of transportation, and growing digital connections. The low cost of expansion and growing consumer class are some of Latin America’s other attractive attributes. Sounds like a promising region for your company, right? Let’s see how Marketing can help you in this journey.
5 advantages of marketing in Latin America
Any company thinking about establishing a local presence in the vastly dynamic region of Latin America needs to include marketing in its business plan. There are 20 countries in Latin America, each one with a different culture, habits, beliefs, and financial system. It’s virtually impossible to apply the same strategy to each region and expect a positive result. Remember that each potential customer is an individual, with a certain way of life. If you want to gain their trust, you’ll need to know their preferences. What do they love? What do they want to accomplish? How do they communicate? These are just some of the questions that a good marketing company will identify and answer for you. In the middle of the purchase journey, consumers are not only interested in buying, but also in feeling like they’re part of something bigger. This is where the benefits of marketing come in. Let’s take a closer look at 5 advantages of marketing in Latin America for foreign companies.
1. Knowledge is power
As we have seen, Latin America is a huge and diverse territory. Each Market represents the trends of local commerce and consumer purchasing patterns. The goal is to know your target audience, since their habits, language, preferences, and network have a direct impact on the purchase journey. Marketing is based on research. Every action will be applied according to an in-depth knowledge of who your final consumer is. This information leads to more assertive Marketing strategies and campaigns, with a higher return.
2. Attention to changes in the local business ecosystem
The business ecosystem is constantly changing, so keeping an eye on it is crucial. Keeping up with trends and planning actions that fit these evolutions is a marketer’s job. It’s about taking advantage of opportunities when they show up, whether to create partnerships or raise important issues for the consumer. This is not simple, and in fact can often be quite complex. In the social media era, consumer feedback is immediate, so using these platforms efficiently is important for adapting, evolving and meeting market demands.
3. Strengthen your brand
The first impression is the one that sticks. You can be the best company in your field back home, but as a foreign business trying to gain customers in a new location, you’ll need to further strengthen your brand. Frequently, for the company to stand out to buyers internationally, it needs to be a leader in its sphere. When executed correctly, marketing can convey the image you want to consumers, and boost the company’s authority.
4. Identify new fields and opportunities
Internationalizing a company means opening the door to new opportunities. This must be done in the right way. Innovation is required to expand abroad, increase sales, and serve new customers. Marketing agencies are responsible for making these necessary changes to attract customers, which will translate into increased sales and growth for your company.
5. Expand sensibly and cut costs
It’s no use building a castle in the sand. A solid foundation is required for any company to thrive. Choosing where and how to communicate with local audiences is one way to achieve this, and falls under the responsibilities of a marketing agency. As you can see, Marketing uses a wide range of information to make sure your resources are being used in the right way. No matter which country you’re looking to expand to, the ultimate focus should be on prospecting, customer retention, and sales conversion. After all, no one wants to invest without a return, right? Now that you are aware of these 5 advantages of marketing in Latin America, you can expect to expand your business smartly and successfully.
